On May 4, it was announced that the Executive and the banking sector agreed to extend until December 31 of this year the moratorium on loan payments, a measure that applies to mortgages, personal loans, the agricultural and livestock sector, commercial loans, the transportation sector, automobiles and credit cards. However, the banking union clarified that the measures are not automatic.

You may be interested in "Covid-19: Outlook for the Financial Sector"

Aimeé Sentmat de Grimaldo, president of the board of directors of the Panamanian Banking Association (ABP), and Carlos Berguido, executive president of the ABP, detailed the mechanisms to be applied to the moratorium.

According to Elcapitalfinanciero.com, in order to benefit from this measure ... Each client must have constant communication with their bank to explain the cause of the decrease in their income and the bank will determine the measure of financial relief."

The article adds that "... Among other evidences that the banks accept, they highlight the dismissal or the suspension of contracts (in fact, the ABP is establishing contacts with the Ministry of Labor and Labor Development, Mitradel, to accelerate the knowledge of the cases). In the case of companies, demonstrate that the business is closed, that there are decreases in income, show average balances, among other financial mechanisms."

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Source: elcapitalfinanciero.com

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